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Lower Preliminary China PMI leads Asian Stocks Lower

Most Asian stocks fell, with the regional benchmark index retreating from a two-month high, after a private survey showed China’s manufacturing contracting at a faster-than-estimated pace.

PetroChina Co., the country’s No. 1 energy producer, sank 2.1 percent in Hong Kong as crude dropped. Kao Corp., a maker of household and chemical products, fell 6.2 percent in Tokyo after giving an update on a product recall. Murata Manufacturing Co., a Japanese supplier to Apple Inc., gained 3.8 percent after Apple’s profit topped estimates

The MSCI Asia Pacific Index fell 0.1 percent to 137.14 as of 2:20 p.m. in Hong Kong, reversing gains of as much as 0.2 percent. About five shares declined for every three that rose on the gauge. The measure dropped 4.9 percent through yesterday from this year’s high on May 20 amid signs China’s economic slowdown is deepening and concern the Federal Reserve will start tapering monetary stimulus as the U.S. economy improves.

Bloomberg [1]

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